ENAG and TURKSTAT announce back-to-back: Inflation rate revealed

Following ENAG, TURKSTAT also announced its July inflation figures. According to TURKSTAT, consumer prices increased by 3.3 percent in July. Annual inflation was 61.78 percent. ENAG had previously announced that inflation increased by 5.91 percent in July, with an annual inflation rate of 100.88 percent.

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ENAG and TURKSTAT announce back-to-back: Inflation rate revealed

The Inflation Research Group (ENAG) has announced its inflation figures.

Accordingly, the Consumer Price Index (E-CPI) increased by 5.91% in July.

The 12-month increase in the E-CPI was 100.88%.

ENAG Consumer Price Index (E-CPI) increased by 5.91% in July.

The 12-month increase in the E-CPI was 100.88%.https://t.co/8XFsmjW6eI pic.twitter.com/fEQ26E4HCm
— ENAG (@ENAGRUP) August 5, 2024

HIGHEST INCREASE IN THE HOUSING SECTOR

Based on the inflation rates of main expenditure groups, the highest increase in July was in the housing category. The lowest increase was observed in the health group.

The monthly increase in the E-CPI was 4.27% in June, while the annual rate was 113.08%.

TURKSTAT ALSO ANNOUNCED INFLATION

The Turkish Statistical Institute (TURKSTAT) has announced the Consumer Price Index (CPI) data for July. According to TURKSTAT data, the Consumer Price Index (CPI) increased by 61.78% annually and 3.23% monthly in July.

In June, inflation had recorded an increase of 1.64% on a monthly basis and 71.60% on an annual basis. Market expectations were for the CPI to increase by 3.51% in July and for annual inflation to fall to 62.23%.

EDUCATION IS THE GROUP WITH THE HIGHEST INCREASE

Compared to the same month of the previous year, the main group with the lowest increase was clothing and footwear at 39.57%. Conversely, the main group with the highest increase compared to the same month of the previous year was education at 104.50%.

Regarding main expenditure groups, the main group that decreased compared to the previous month in July 2024 was clothing and footwear at -2.58%. Conversely, the main group with the highest increase compared to the previous month in July 2024 was housing at 8.08%.

INCREASE IN THE INDEX OF 115 BASIC HEADINGS

As of July 2024, out of the 143 basic headings covered in the index (Classification of Individual Consumption by Purpose-COICOP 5-digit Level), the index of 24 basic headings decreased, while there was no change in the index of 4 basic headings. An increase occurred in the index of 115 basic headings.

The change in the CPI excluding unprocessed food products, energy, alcoholic beverages, tobacco, and gold was 2.47% compared to the previous month, 28.48% compared to December of the previous year, 60.31% compared to the same month of the previous year, and 68.37% based on twelve-month averages in July 2024.

ELECTRICITY HAD THE HIGHEST PRICE INCREASE, POTATOES HAD THE HIGHEST DECREASE

According to TURKSTAT's consumer price index, the products with the highest monthly price increases in July and their rates of change compared to the previous month are as follows:

The selected products with the highest price decreases or the lowest increases in July and their rates of change compared to the previous month are as follows: